https://www.taxtmi.com/caselaws?id=167910 A deposit made to obtain declaration form XXXI under a departmental circular was treated as adjustable security, not as compounding money. Because the amount was to be adjusted against tax liability at final assessment, and the excess remained with the department beyond the lawful period before refund, the statutory consequence of delayed refund applied. The department could not avoid liability for interest by recharacterising the deposit. Interest on the delayed refund of the excess amount was therefore payable under section 29(2) of the U.P. Trade Tax Act, 1948. en-us Wed, 14 Dec 2011 00:00:00 +0530 Sat, 10 Jan 2015 19:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=167910 A deposit made to obtain declaration form XXXI under a departmental circular was treated as adjustable security, not as compounding money. Because the amount was to be adjusted against tax liability at final assessment, and the excess remained with the department beyond the lawful period before refund, the statutory consequence of delayed refund applied. The department could not avoid liability for interest by recharacterising the deposit. Interest on the delayed refund of the excess amount was therefore payable under section 29(2) of the U.P. Trade Tax Act, 1948. Case-Laws VAT and Sales Tax Wed, 14 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=167910